Digital Asset CEO Blythe Masters Steps Down

Omar Faridi

Blythe Masters, a former JPMorgan Chase global commodities head and CEO of Digital Asset, a cryptoasset technology development firm, has decided to leave her current position at Digital Asset.

On Tuesday (December 18th) Digital Asset, a New York-based developer of “encrypted straight through processing tools” using distributed ledger technology (DLT), announced that Masters would be resigning from her role as CEO at the firm due to personal reasons. Digital Asset’s announcement further noted that AG Gangadhar, who joined the company’s board of directors earlier this year, would be serving as Digital Asset’s acting CEO.

Chairman Of Board Of Directors At Hyperledger Project

Masters’ resignation will likely be considered a setback for Digital Asset as she is well-known for her valuable contributions to the blockchain and crypto industry. She is presently the chairman of the board of directors at Hyperledger Project, a part of the larger Linux Foundation collaborative effort “created to advance blockchain technology.”

Masters is also a member of the group international advisory board and senior advisor on blockchain to the president of Banco Santander, one of the world’s largest financial institutions.

In March 2015, Masters joined Digital Asset and during her time with the firm, she played a key role in helping the blockchain startup establish strategic partnerships with banks throughout the world. She also worked to develop blockchain-based platforms for Australia’s Stock Exchange and large American clearinghouses.

Will Remain On Company's Board Of Directors

In July, Digital Asset announced its partnership with Google which involves implementing blockchain-enabled platforms for cloud computing. At present, it’s unclear how far these projects are in terms of their ongoing development. When questioned about why she has resigned, Masters said she was planning to spend more time with her family. However, the experienced financial professional added that she would continue to serve as an advisor and board member at Digital Asset.

In an official statement on her decision to step down as CEO, Masters remarked:

Digital Asset has evolved from an ambitious idea to a truly global software engineering firm. We are fortunate to have a deep bench of accomplished executives on the management team and Board, including AG, who have the requisite experience to take the company to the next level.

She added:

Having come to know and trust AG as an advisor and Board member, I am convinced that he brings what’s needed to guide the company through its next phase.

Billionaire Tim Draper: Only Criminals Will Use Fiat Money, As Cryptos Will Hit Mainstream in Next Few Years

Legendary billionaire venture capitalist, Tim Draper has predicted that in the next five years, fiat currencies will only be used by those involved in illicit activities.

According to the well-known bitcoin (BTC) bull, cryptocurrencies will achieve mainstream adoption within the next few years - while fiat money will mostly be used by criminals. Draper’s comments came during an interview (on February 18th) with Fox Business in which he told the financial news outlet that cryptocurrency transactions can be tracked easily through block explorers.

Draper, who acquired 30,000 bitcoins during a US Marshals Service auction (after they had been seized from Silk Road’s black markets), remarked:

The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.

Last year in August, an agent working for the US Drug Enforcement Administration (DEA) had said that it was easier for her department to monitor cryptocurrency transactions - when compared to illegal deals conducted using fiat money. The agent had explained that block explorers provide advanced tools which allow government agencies to accurately track crypto transactions on the blockchain.

During his latest interview, Draper also mentioned that he thinks the fiat money in his bank account is not as secure as his cryptocurrency holdings. According to the business tycoon: 

My bank is constantly under a hack attack.

"A Lot" Of Money Invested In Digital Assets

However, Draper pointed out that the Bitcoin blockchain is highly secure - as nobody has been able to hack it. Going on to compare liquidating bitcoin with exchanging gold for shells, the entrepreneur argued that cryptocurrencies would play a key role in the future economy. Although Draper did not disclose exactly how much of his investments are allocated to digital assets, he said “a lot” of his portfolio was focused on cryptocurrencies.

Notably, Draper is not the only prominent investor who has expressed confidence in crypto-based investments. Jeremy Gardner, the co-founder of Augur, a decentralized prediction markets platform, has also said that the fiat-based financial system can more easily be exploited (compared to crypto) by those involved in illegal activities.

Draper Sticks To His $250,000 BTC Price Prediction

In November 2018, Tim Draper reaffirmed his stance that he believes the bitcoin price will skyrocket to $250,000 by 2022. Draper, who is the founder venture capital firm Draper Associates, stated during a panel discussion on November 6: 

Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!

Draper’s remarks were in reference to the price of bitcoin reaching a quarter of a million dollars in the next 3 years. After recording all-time highs of nearly $20,000 on December 17th, 2017, bitcoin’s value has dropped considerably to currently below $4,000 - according to CryptoCompare data.